If you find yourself traveling to the same city in Florida vacation after vacation, you may be considering investing in a second home. And you’re not alone — spring 2017 data shows that the number of people in the U.S. that own a second home amounted to 9.26 million. Owning a second home can be a great way to save on lodging expenses when traveling, and your new vacation home away from home can provide a number of other benefits. However, there are a few things you should know before looking at the best waterfront properties Fort Lauderdale has to offer.
Before buying that waterfront property of your dreams, consider this:
Determine your budget: Buying a second home is not a decision you want to jump right into making. If you already have one mortgage to pay, it’s crucial that you ensure you’re going to be able to pay a second one too. Whether you’re looking for upscale waterfront real estate, oceanfront condos, or luxury homes, you are most likely going to need a conventional mortgage. So before making a purchase, you need to get your finances in order and figure out precisely what you can afford. Fortunately, there is the option of renting out your home when you’re not using it to bring in more income, if desired.
Find the perfect location: Florida has many great areas to consider for your second home. If you find yourself taking vacations to Fort Lauderdale every year, then you may want to look into some of the best waterfront property Fort Lauderdale has to offer. What you don’t want to do is buy a home in an area you’ve never stayed in. You want to choose an area that you’re familiar with and feel comfortable in. The area should have plenty of activities you enjoy, and it should offer the desired amenities. Finding the right location is often the most difficult part of buying a home, so invest in the services of an experienced local real estate agent if you need help comparing locations and properties.
Evaluate your needs: Before you buy a second home, it’s important to determine your wants and needs. Is it going to be a vacation home? Are you planning on moving into the secondary home after retirement? Do you need an elevator in the home? These needs are crucial to determine before looking into beach real estate for sale because they can influence your purchase decision. You want to think long-term so you can make the best investment possible.
Buying a second home in Florida can be a great investment. But before looking into the best waterfront property Fort Lauderdale has to offer, it’s important to think about what you really want in a second home. Fortunately, working with experienced local Realtors, can help you through this process with ease.